Question

I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.

It would be interesting if you could give an example of, say, buying an antique or a classic car versus a new car as a business-use vehicle. Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.

Answer

Good question!

Our answer considers:

The classic or antique car as a write-off;

How the old law often disallowed classic cars;

How the new law works to your benefit;

What the IRS thinks of this;

Why the term “recovery property” made this possible;

How you are shielded from the IRS attack; and

How the classic car shows you the money.

Classic or Antique Car as a Write-Off

To deduct the classic or antique car,1

the car must be of a type that’s ... Log in to view full article.